Revision as of 17:24, 26 November 2023 by Admin (Created page with "How long does it take for a fund to grow to four times its original value if growing at an annual rate of 7%? <ul class="mw-excansopts"><li>7</li><li>10.25</li><li>16.24</li><li>20.5</li><li>28</li></ul> '''References''' {{cite web |url=https://web2.uwindsor.ca/math/hlynka/392oldtests.html |last=Hlynka |first=Myron |website=web2.uwindsor.ca | title = University of Windsor Old Tests 62-392 Theory of Interest | access-date=November 23, 2023}}")
ABy Admin
Nov 26'23
Exercise
How long does it take for a fund to grow to four times its original value if growing at an annual rate of 7%?
- 7
- 10.25
- 16.24
- 20.5
- 28
References
Hlynka, Myron. "University of Windsor Old Tests 62-392 Theory of Interest". web2.uwindsor.ca. Retrieved November 23, 2023.
ABy Admin
Nov 26'23
Solution: D
[math]1.07^n=4[/math] so [math]n \ln (1.07)=\ln (4)[/math] so [math]n=\ln (4) / \ln (1.07)=20.48954[/math] years.
References
Hlynka, Myron. "University of Windsor Old Tests 62-392 Theory of Interest". web2.uwindsor.ca. Retrieved November 23, 2023.